The libertarian creed...offers the fulfillment of the best of the American past along with the promise of a far better future. Libertarians are squarely in the great classical liberal tradition that built the United States and bestowed on us the American heritage of individual liberty, a peaceful foreign policy, minimal government, and a free-market economy.

The State thrives on war - unless, of course, it is defeated and crushed - expands on it, glories in it.

Gorbachev's stance contrasts admirably with the policy of the sainted Abraham Lincoln, who used massive force and mass murder to force the seceding Southern states to remain in the Union.

The public sector can only feed off the private sector; it necessarily lives parasitically upon the private economy. But this means that the productive resources of society - far from satisfying the wants of consumers - are now directed, by compulsion, away from these wants and needs. The consumers are deliberately thwarted, and the resources of the economy diverted from them to those activities desire by the parasitic bureaucracy and politicians.

Unlike the days of the gold standard, it is impossible for the Federal Reserve to go bankrupt; it holds the legal monopoly of counterfeiting (of creating money out of thin air) in the entire country.

After the Volcker Fund collapsed, I got another grant from the Lilly Endowment to do a history of the U.S., which I worked on from 1962-66. The original idea was to take the regular facts and put a libertarian assessment on everything.

Modern economics is a set of formal models and equations purporting to fully determine human behaviour, at least in the economic realm. And there is no way that uncertainty can be compressed into determinate mathematical models.